Life Insurance

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Life Insurance

Why Do I Need Life Insurance?

Life insurance may be one of the most important purchases you’ll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more.

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1

Variety of Plans

Plans to fit each individual's needs.
2

Great Coverage

Find the coverage that's right for you.
3

Inexpensive

There are plans that are inexpensive and offer great coverage.

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term Insurance, the most affordable type of insurance, when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

Permanent Insurance by contrast provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time. A permanent plan can be used as a savings vehicle and has many advantages, if structured properly.

It’s impossible to say which type of life insurance is better because the coverage that’s right for you depends on your unique circumstances and financial goals.

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